According to a statement by Money9, which is supported by TV9 Network, India's Personal Finance Pulse maps Indian households' income, savings, investments, and consumption.
Digital Desk: According to a recent poll, families in India earn an average of Rs 23,000 a month, yet over 69% of households experience financial insecurity and vulnerability. In the nation's first-ever state assessment of citizen financial security, the poll by Money9 revealed insights into how India earns, spends, and saves money.
According to a statement by Money9, which is supported by TV9 Network, India's Personal Finance Pulse maps Indian households' income, savings, investments, and consumption.
"The poll reveals that an Indian household with 4.2 members earns an average of Rs 23,000 a month. According to the Money9 Financial Security Index report, more than 46% of Indian households make less than Rs 15,000 per month, making them part of the lowest-income cohort or aspirants. Only 3% of Indian homes have a luxurious quality of living, and the majority of these houses are High-Middle-Rich.
Additionally, the poll revealed that 70% of Indian households save money through bank deposits, insurance, post office savings, and gold. According to a report by the news agency PTI, bank and post office savings have the highest penetration, followed by life insurance and gold.
Only 19% of households have insurance, but over 64% of savings are kept in bank accounts.
"The striving class saves less frequently than other groups. Additionally, 25% of Indian households in the same class are unable to save any money. The necessity for policymakers and market participants to address this area is evident,” it said.
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